If you happen to be a first time buyer in Hamburg MI and you're interested in a 0 down payment mortgage loan, you'll be glad to know you have several options. Each one of these options have direct guidelines that have to be followed in order to allow you to put zero as a down payment when purchasing your new house. Below you'll find a several opportunities available to you as a first time home buyer in Hamburg MI.
The Michigan USDA Rural Development LoanThe first choice for a 0 down payment mortgage loan is the USDA's Rural Development home loan. This home loan requires no down payment but is subject to an up front mortgage insurance premium and it also has geographic and income regulations. Call the pros at 248-674-6450 and a mortgage consultant will let you know if the United States Department of Agriculture Rural Development mortgage loan is a good fit for you.
MSHDA Down Payment AssistanceAnother thing to consider on zero down mortgage loans for first time home buyers in Hamburg Michigan is working with state departments as in the MSHDA. MSHDA has opportunities for down payment assistance which can be used along with FHA loan lending. This loan could be as much as $7,500 and doesn't force you to pay any monthly payments nor does it charge interest but it has to be paid back should you happen to refinance or sell the home. There are other rules to the MSHDA down payment assistance program like your loan amount along with your wages as it was created to help those with low to moderate incomes.
Local or Federal GrantsThe last resource I know of on zero down home loans for first time home buyers in Hamburg Michigan is to check out any federal dollars assigned to Hamburg for neighborhood stabilization programs. You can learn more regarding the options that are allowed in your area by contacting your areas community development office which could be located on the internet.
If you'd like more info on zero down home loans for first time home buyers in Hamburg Michigan call 248-674-6450 right now!